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Is your business a job or an asset? Yes, many of us began our businesses to have a job; but the return on the blood, sweat, and tears investment will be if we build assets.
Aren't all businesses assets? Not exactly. You have an asset if you have a business that works without you. The value of your business rests in whether someone else will buy it and for how much. Or, you can give the business to your family and they can operate it without you.
Does this mean that you have an asset only if you are not working in your business? No. Many owners love their businesses as if they were children. Such feelings are understandable since we "birthed" them. One of the advantages of owning the business is being able to work as long as we want to…but on our terms not on the demands of the business.
Therefore, you want to develop your business so that it can operate without your presence. After all, you do want a business that gives you financial security, freedom, and time to do the other things you love, right?
You can increase the value of your business by developing yourself. Here are three ways YOU can add value to your business:
First, by the people you meet and know. Seek out leaders in your industry, in this community, throughout the world. Meeting them face to face is exciting, but the Internet gives you access without traveling. Ask for information and advice. People love to help and share what they know.
Second, by the books you read. What book or article are you reading right now? What have you read this year? Your answer reveals whether you are adding experience to your years or just adding years to your experience (i.e., 10 years of experience or one year of experience 10 times).
Third, by the events and places you go. You can enhance your business vision by visiting other businesses, attending conferences, and being by inspired by the wonderful people around you.
Right now, you are the lifeblood of your business. If you do not grow, how can your business grow beyond the start up stage? To move your business beyond a JOB (just over broke) to an asset, invest in yourself. You can learn new ideas and concepts, find outstanding employees, and build strong business alliances by investing in yourself.
Make growth a perspective not a program. You don't need more busy-ness and stress. Look up and see what's around you. What is already in your life today that can help YOU grow your business into an asset?
Next week: Five ways you can work on your business to build it into an asset
Arnelle Adcock is a partner and president of Brentwood-based Clover Management Group — a team of seasoned professionals who help business owners. You can reach her at 615-900-0777, aadcock@clovermg.com, or www.clovermg.com.
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